Forex Flash: Commodity-based face slippery slope – UBS

FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.

In terms of the AUD/USD, “The pair targets the support at 1.0221. A break here would be negative opening 1.0115. Resistance is at 1.0313 ahead of 1.0385.” In addition, with the MACD below its zero line focus is on the support for the USD/CAD is at 1.0052 ahead of 0.9987. Resistance is at 1.0124 ahead of 1.0175.

May 2, 2013

Forex Flash: NZ faces clouded and milky outlook – UBS

In light of the recent focus on commodities and price actions, it’s worth noting that New Zealand's main export is dairy. A case can be made that the recent surge in prices is temporary – after all local drought conditions are now finally subsiding. However, “even if milk prices decline from here, there appears to be worse in store for Australia given its dependence on 'hard' commodity exports – the prices of which have been falling for several weeks.” warns Research Analyst Gareth Berry at UBS.

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May 2, 2013

Forex: EUR/USD in weekly lows around 1.3040/45

The shared currency is intensifying its intraday correction on Thursday, from highs around 1.3215 to the current area of 1.3040/45, printing weekly lows at the same time...

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